There’s nothing that shows how much a city is growing better than commercial development. The more businesses that want to put down roots in an area, the more impact it will have on the local economy, which benefits everyone.
The future of Kelowna Airport Business Park
The Kelowna Airport Business Park has grown steadily over the last few years and more development is on the horizon. Burnaby-based company Beedie Development Group wants to build the Stratosphere Business Centre.
“Kelowna is a key node between British Columbia and Alberta and I’m excited for Beedie to enter this highly impactful market,” said Ryan Beedie, president of Beedie Development Group. “With our roots and long-established work in B.C., and our growing expansion into Alberta, it’s truly the perfect fit for us. The Okanagan continues to see a huge amount of growth in the industrial and business sectors and we’re looking to support that growth with a very unique offering within the region.”
According to Castanet, the development would consist of two buildings and 13 units totalling more than 144,000 square feet of space. The first building would feature 44,600 square feet of industrial space and nearly 25,000 square feet of office area.
The second building would have nearly 50,000 square feet of industrial space and just less than 25,000 square feet for offices.
Having this sort of development only shows just how much Kelowna’s economy is booming right now.This is the largest single-property industrial land transaction by dollar value in the city’s history, according to CBRE.
It’s not the only development slated for the airport business park area; there are plans for a parkade and a hotel in the area as well, which is slated for development between 2022 and 2023.
Having options near the airport means Kelowna can be a great place for a layover as well as a place to visit.
What does it mean for the community?
The more businesses that open up, the more jobs that are available. This not only helps keep people in the community but it also draws more people to the area, which contributes to the growth of the local economy. So having developments like those taking place at the Kelowna Airport Business Park can only benefit everyone in Kelowna.
This is significant for the city of Kelowna as the more commercial development and industrial development within city limits, the more property taxes can be collected, which go towards programs and improvements for the city itself.
The residents benefit by not only having more places to shop and frequent, but also benefit from things like road resurfacing, community center improvements, green space upgrades, and so on.The more commercial development, the better it is for the community. The further out from the downtown core, the more opportunities for travellers to stop along their way through the Okanagan.
Get in on the ground floor with The Mayne Brothers
While industrial developers within Kelowna likely understand what’s going on within city limits, out-of-town developers will likely need some guidance when looking at how viable a market the city really is.
The Mayne Brothers work closely with commercial real estate developers and can give them a better idea of the properties that would most benefit from commercial and business development.
There are several key industries in the Kelowna area, one of the largest being tourism, but there’s also health care, manufacturing, technology, and agriculture. Having a broad range of industries within a community ensures that if one slows down, the others are there to help keep the local economy going. A well-rounded economy weathers bad economic times than one that puts all its eggs into one industrial basket. A realtor can help commercial developers find the right place for their planned development.
Are you interested in the Kelowna area? Then contact The Mayne Brothers today!
